CN GREEN ELECTRICITY(SZ:000537) Minsheng Securities·2025-04-30 13:20Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company is expected to achieve steady growth in 2024, with a revenue of 3.84 billion yuan, a year-on-year increase of 4.05%, and a net profit attributable to shareholders of 1.009 billion yuan, up 9.68% year-on-year [3][7]. - The company has a substantial construction scale, with 12.84 GW of new installed capacity added in 2024, leading to a significant increase in power generation [4][5]. - The company benefits from synergies with its parent group and has sufficient indicators in Xinjiang, while also expanding its layout in other regions [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.84 billion yuan, with a net profit of 1.009 billion yuan. The first quarter of 2025 saw a revenue of 1.026 billion yuan, a year-on-year increase of 19.81%, and a net profit of 0.254 billion yuan, up 52.18% year-on-year [3][6]. - The company’s total installed capacity as of Q1 2025 is 30.6355 million kW, with 19.3455 million kW in operation and 11.29 million kW under construction [5]. Growth Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 1.381 billion yuan, 1.515 billion yuan, and 1.8 billion yuan respectively, with corresponding EPS of 0.67, 0.73, and 0.87 yuan [6][7]. - Revenue growth rates are projected at 90% for 2025, 13.4% for 2026, and 17.6% for 2027 [7][12]. Market Position and Strategy - The company has successfully secured 16.3 million kW of new energy construction indicators in Xinjiang and has also obtained over 1.2 million kW in other provinces [5]. - The company is actively negotiating for higher electricity prices and has a strategy to mitigate consumption pressure through the construction of high-voltage transmission lines [5].